Adding A Tenant To Existing Lease Instructions
Understanding the Adding a Tenant Process
This form is used to add an additional tenant to existing lease. When a new tenant is added to an existing lease they are now legally responsible for the terms of the lease along with the current tenants. Please be aware that security deposit refunds are dispersed in equal amounts to all tenants named on the lease.
What the New Tenant Must Do:
- Complete the following Online Rental Application. Fill out the rental application completely and submit. Any application that is not completed will not be processed.
ALL STUDENT APPLICANTS MUST INCLUDE COSIGNER INFORMATION ON THEIR APPLICATION.
We will not accept any applications without this information. Include your cosigner information on your application by clicking “Add Lease Guarantor Application” button. DO NOT SUBMIT DIFFERENT/TWO APPLICATIONS. Co-signers will also need to fill out a Rental Guaranty Addendum form. This form must be printed out and notarized. You can send email a copy to the office but we must receive the original prior to lease signing. This form must be notarized.
- Application Fee There is a $150 NON-REFUNDABLE fee. You can pay below through PayPal or drop off a money order, certified check, or cash, to our office. THIS IS A NON-REFUNDABLE CHARGE AND WILL NOT BE REFUNDED FOR ANY REASON EVEN IF YOU DO NOT QUALIFY FOR THE PROPERTY. We will not process any application until the application fee is paid.
- Please Read through ALL the information on this page and print the attached PDF. After downloading please sign all fields and return to us via email rentals@phillyrem.com or via fax 1-888-356-0088.
- Make sure you receive a copy of the existing “Move In/Out Inspection” form for the property from the current tenant(s). This form was filled out by the current tenant(s) when they moved in, and it lists any damage to the unit noted at that time. This will help you and the current tenant(s) determine a fair transfer of the security deposit.
- When you move out the security deposit will be returned in equal parts to all residents named on the lease
directly from our office. There are no exceptions to this policy. (See page 2 for more information regarding security deposits.)
- Please Make sure that ALL tenants are currently up to date on any payments
Understanding Security Deposit
When the current tenant(s) moved into the rental property, they paid a security deposit directly to Philadelphia Real Estate. That security deposit is for the entire property, not specific bedrooms within the property. Therefore, it is our responsibility to hold one complete deposit for one whole property.
When a tenant is added to an existing lease before the lease period expires, the new tenant must also pay a
security deposit. When the lease period is up and all tenants move out of the unit, everyone, including the new tenant, will be refunded their portion of the security deposit; remember the security deposit will be dispersed in equal parts to all tenant(s). This will come from our office, and will be returned to you within 30 days of receipt of your keys to the
property, or the end date of your lease, whichever is later.
Remember, signing the Adding a Tenant form makes you responsible for the terms of the lease. Ask questions if you’re in doubt about any part of this process!